The journey and partnership of a development loan start right at the beginning of a project, and the experts at BFS are there to support their client throughout the journey, as was the case with this scheme in West Lancashire.
The client was planning to build two four-bed detached properties with views over green belt land. Development finance was needed to complete the purchase of the site and to carry out building works. A development loan of £124,000 was agreed upon, and the properties were expected to be marketed at the value of £440,00 each once completed.
Delays occurred during the infancy of the scheme as the client changed the Directorship status within the limited company, an issue dealt with by the BFS underwriting team.
Angela Jones of BFS said: “The relationship between the client, BFS and the professional service providers is always key to the success of any development or bridging finance deal. Issues such as these that occurred here can be ironed out quickly, and we can provide the best advice to ensure the deal happens.
“The project is progressing incredibly well, and the client has already begun marketing the properties, which are receiving lots of interest.”